Sudeep Shah, Head of Technical Research and Derivatives at SBI Securities, has picked Sansera Engineering and Paytm as the top stocks to buy for the trading week opening August 3, 2026, setting accumulation zones, stop-losses and upside targets for both, according to Business Today. The report also details an outlook on Nifty and Bank Nifty that leaves India's benchmark index at a technical inflection point.
Sansera Engineering: Breakout from consolidation, target ₹3,590
According to Business Today, Sansera Engineering has resumed its bullish trajectory after finding strong support near its 20-day EMA over the previous three sessions, followed by a decisive breakout from the 3,300–3,171 consolidation range. Momentum is improving, with the RSI rising sharply from 51 to 61 over the last four sessions, signalling renewed buying interest. On the weekly timeframe, the rising ADX reflects strengthening trend intensity, reinforcing the positive outlook.
The shrinking red histogram bars on the daily MACD indicate that bearish momentum is fading, often a precursor to a bullish crossover, the report said. The overall technical setup points towards sustained strength in the near term.
- Accumulation zone: 3,320–3,355
- Stop-loss: 3,220
- Upside target: 3,590
Paytm: Fibonacci rebound, target ₹1,440
Paytm has reaffirmed its bullish structure after a strong rebound from the 50% Fibonacci retracement of its prior up move (1,077–1,407), a level that also coincided with the rising 34-day EMA zone, creating a strong support confluence, according to Business Today. The stock continues to trade comfortably above its key short- and long-term moving averages, reflecting a healthy uptrend. Momentum indicators have turned increasingly positive, with the RSI rising above the 60 mark, while the widening gap between DI+ and DI- in the ADX highlights growing buyer dominance.
- Accumulation zone: 1,330–1,345
- Stop-loss: 1,290
- Upside target: 1,440
Recommendation summary
| Stock | Accumulation zone | Stop-loss | Upside target |
|---|---|---|---|
| Sansera Engineering | 3,320–3,355 | 3,220 | 3,590 |
| Paytm | 1,330–1,345 | 1,290 | 1,440 |
Nifty outlook: 24,550–24,600 resistance holds the key
Nifty has largely remained in a consolidation phase over the past 15 weeks, oscillating within a broad range of 24,601 to 23,070, according to Business Today. This range has narrowed considerably over the last seven weeks, confining the index between 24,530 and 23,605 — highlighting the ongoing tug-of-war between bulls and bears.
In the last six trading sessions, the index rebounded sharply by more than 760 points, helping it close July with gains of over 2% near the upper end of its prevailing consolidation zone. The recovery has been largely led by heavyweight stocks, with large caps driving the broader market higher. Nifty has formed candles with shadows on both ends for four consecutive months, reflecting continued indecision among market participants despite the recent strength.
A decisive breakout and sustained move above 24,600 could trigger fresh buying momentum and pave the way for an advance towards 24,900, with scope for an extension towards 25,200 in the near term, according to Business Today.
From a technical standpoint, the index is trading above its 20-day, 50-day and 100-day EMAs while hovering around the 200-day EMA. On the weekly chart, most key moving averages remain flat, signalling the absence of a strong directional trend, and momentum indicators and oscillators across daily and weekly timeframes continue to indicate a neutral-to-sideways bias.
Key Nifty levels for the August 3–7 week:
- Resistance zone: 24,550–24,600
- Upside targets: 24,900, with scope for 25,200
- Support zone: 24,150–24,100
Bank Nifty under pressure in July
Business Today reported that Bank Nifty remained under pressure during July.
The immediate technical focus for the August 3–7 week is a decisive breakout and sustained move above 24,600, with the 24,150–24,100 zone critical for maintaining the positive undertone, according to Business Today.